DONG Energy gets investment from Goldman Sachs

Danish pension funds ATP and PFA will together with Goldman Sachs invest a total of EUR 1.47 billion in DONG Energy.

The capital increase is part of DONG Energy’s financial action plan announced in February 2013 which included an injection of additional equity of at least DKK 6-8 billion. “I regard the interest displayed by these three well renowned private investors as a vote of confidence in the company’s potential, our strong market positions and our highly competent employees,” said Henrik Poulsen, DONG Energy CEO.

Goldman Sachs will subscribe for new shares for DKK 8 billion, ATP for DKK 2.2 billion and PFA for DKK 0.8 billion. The subscription of new shares will be based on a valuation of DONG Energy A/S of DKK 31.5 billion prior to the capital increase. Goldman Sachs and ATP will be represented on the Board of Directors.

“DONG Energy is one of the leading energy companies in northern Europe. Henrik Poulsen and his team are world class managers and have set ambitious goals for the company. We believe in this vision and are excited to work with the company and the Danish State to help grow the business and provide environmentally friendly energy and infrastructure for European markets,” commented Andrew Wolff, Head of Goldman Sachs Merchant Banking Division for Europe, Middle East Africa and co-Head of Asia.

The ownership interests of the new investors will thus be divided between Goldman Sachs (approximately 19 percent), ATP (approximately 5 percent) and PFA (approximately 2 percent).